A system and method for purchasing a money order via the internet including the steps of providing an internet based money order system capable of generating money orders upon the receipt of a purchase request by a prospective buyer via the internet for a predetermined amount of funds. The prospective buyer transmits information to the money order system, via the internet, which information is required to purchase the money order. The money order is then remotely generated by the money order system and is delivered to an intended recipient of the money order.
|
1. A method of purchasing a money order from a money order system via the internet for the purchase of goods purchased from an internet-based auction transaction, wherein the money order is guaranteed by a third party other than a seller or a buyer in the auction transaction, the method including the steps of:
awarding a bid to a buyer for goods to be purchased from a seller from an auction process conducted between said buyer and seller via the internet on an internet auction site;
contacting an internet site for said money order system via the internet by said buyer with a computing device after said bid is awarded to said buyer by the internet auction site;
providing a hyper-link in the auction site to the money order system site;
transmitting information to said money order system via the internet to purchase said money order for said sale of said goods won during the auction process with the internet auction site, said information including at least said buyer's identification, an identification of said seller and a financial amount for the money order, wherein:
said financial amount is related to the bid, and
at least some of said information is processed in a billing server associated with the money order system;
transmitting credit card information associated with said buyer to said money order system internet site;
electronically processing said credit card information to make available funds needed for said purchase of said money order by said buyer in said money order system site;
printing a money order from said money order system with a money order dispensing apparatus upon receipt of said transmitted information from said buyer;
initiating physical delivery of said generated money order from the money order system to said seller, whereby the money order can be used to pay the seller for the purchase of the goods;
initiating physical delivery of said goods from said seller to buyer after said money order is printed; and
generating a message from the money order system to at least one of said buyer or seller stating that said money order has been sent to said seller.
2. The method of purchasing a money order from a money order system via the internet for the purchase of goods purchased from an internet-based auction transaction according to
3. The method of purchasing a money order from a money order system via the internet for the purchase of goods purchased from an internet-based auction transaction according to
4. The method of purchasing a money order from a money order system via the internet for the purchase of goods purchased from an internet-based auction transaction according to
5. The method of purchasing a money order from a money order system via the internet for the purchase of goods purchased from an internet-based auction transaction according to
a server;
a firewall;
a processor;
the money order dispensing apparatus; and
a database.
6. The method of purchasing a money order from a money order system via the internet for the purchase of goods purchased from an internet-based auction transaction according to
establishing a funds account on said buyer's behalf with said money order system, said funds account having a predetermined amount of monetary funds; and
electronically deducting a predetermined amount of funds from said funds account in accordance with the amount of funds required to generate said money order.
7. The method of purchasing a money order from a money order system via the internet for the purchase of goods purchased from an internet-based auction transaction according to
8. The method of purchasing a money order from a money order system via the internet for the purchase of goods purchased from an internet-based auction transaction according to
|
The present invention relates to an internet-based money order system, and more particularly, to an internet-based money order system which is implemented in conjunction with financial transactions conducted via the internet.
Auctions for sale of products have proven to be very popular and the success of the systems involve two major features. Typically with auction systems, there is the possibility to obtain the product at a very competitive price. In addition, there is the excitement and skill of the buyer who participates in the auction process and makes fast decisions whether to continue to participate or to recognize the price has become too high. The auction process, traditionally, has been a relatively fast process which changes quickly. The standard auction process involves users bidding for a particular product, and the product is sold to the highest bidder.
The dynamic nature of the auction process, in its traditional form, is attractive to a certain number of participants, but it is also an obstacle to a further group of participants who do not wish to rush their decision process. For this reason, there are other variations of the auction process where the time period for the auction is much longer and the feedback of information tends to be slower. Some auction processes do not provide any real time feedback, such as a silent auction process, where users merely submit their bid, which is confidential.
A further variation of the auction process is a reverse auction where the price of the product decreases in a set manner during the time period of the auction and each participant is provided with the current price, the quantity on hand and the time remaining in the auction. This type of auction, typically, takes place over a very short period of time and there is a flurry of activity in the last portion of the auction process. The actual auction terminates when there is no more product to be sold or the time period expires.
The auction process for the sale of products has also been used on internet with great success. In this case, the various users send messages to the auction site with details of their bid and identity. Details of the bid are posted on the auction site computer and are available to other participants. The auction process typically has a time period of several days or weeks, and the product is allocated to the highest bidders.
However, one of the disadvantages of this system is the remittance of payment between the seller and awarded purchaser. For instance, since the seller is typically a private individual, the only way for the seller to securely obtain the funds for the sale is through a money order sent from an awarded buyer. This is because it is not advisable for a seller to rely on personal checks, and the seller typically does not have the resources available to process credit card transactions and other types of automatic debit transactions. Moreover, it is typically inconvenient for the awarded buyer to purchase a money order, since this usually involves going to a bank, post office or financial store to do so, which mitigates the convenience of the internet transaction.
Accordingly, the present invention is directed to a method and system for purchasing a money order from a money order system via the internet in response to goods being purchased from an internet-based auction transaction.
The method preferably includes first awarding a bid to a buyer for goods to be purchased from a seller from an auction process conducted between a buyer and seller, via the internet, on an internet auction site. The awarded buyer then contacts the internet site for the money order system, preferably via the internet, after the bid is awarded to the buyer. The buyer then preferably transmits information to the money order system, via the internet, in order to purchase the money order required for the sale of the awarded goods. Such information preferably includes at least the buyers identification, an identification of the seller and a financial amount for the money order. After this information is received by the money order system, a money order is generated by the money order system. This money order is then delivered from the money order system to the seller to complete the sale of goods between the buyer and seller. The seller may then ship the goods to the buyer.
The above and other objects and advantages of the present invention will become more readily apparent upon consideration of the following detailed description, taken in conjunction with the accompanying drawings, in which like reference characters refer to like parts throughout the drawings and in which:
With reference to
Referring now to
The database 110 preferably includes the user's information, if any, and the money order dispensing apparatus 108 which is operative to generate money orders purchased via the internet 12. With returning reference to
The server 102 of money order system 100 may also be preferably connected to a printing device 120, telephone 130, facsimile device 140 and pager 150. As will be described further below, the server 102 is coupled to any one of these devices in order to be able to sent messages to both the sender and receiver of purchased money orders. For instance, after a sale is authorized, a message may be transmitted to the sender who purchased the money order stating that the money order was authorized and is being shipped to the receiver. And, likewise a message may be transmitted to the receiver that a money order was authorized for identified goods and is currently being shipped, which enables the receiver (e.g., the seller) to ship the goods to the buyer eventhough it has not yet received the money order but knows it is going to receive the money order since it has a message from a secure third party (i.e., money order system 100) affirmatively stating that the money has been authorized is being sent to the receiver.
With the system components being described above, its method of operation will now be described in reference to the flowchart of
In the preferred embodiment, this transaction is achieved via an internet-based auction transaction in which the buyer was the awarded bidder for the goods listed by the seller on the auction site 10. However, such an internet auction transaction is not to be the only type of financial transaction between buyer and seller for implementation of the money order system 100, but rather it may include any type of transaction between buyer and seller, wherein the buyer is obligated to deliver a money order to the seller. In this regard, it may encompass an internet-based merchant who is selling goods on the internet but does not have the capability to effect credit card transactions and thus requires money orders for goods purchased.
Next, after the financial transaction is consummated between the buyer and seller (step 202), the buyer (e.g., user 14) contacts the money order system 100, preferably via the internet 12 (step 204). In this regard, the aforesaid internet contact is preferably accomplished through the provision of a hyper-link to the money order system site 100, which hyper-link is provided in the seller's web site. For instance, if it is an auction-based transaction, the auction site preferably provides a hyper-link on one of their web pages to web site of the money order system 100. Preferably, this hyper-link is provided on the web page awarding the buyer the highest bid, thus all the awarded buyer needs to do after being awarded the bid is to click on the hyper-link connecting to the money order system 100 so as to remotely purchase a money order from the money order system 100, which subsequently transmits that money order to the seller without requiring the buyer 14 from leaving a computer terminal.
Once the buyer has contacted the money order system 100, the buyer's request for a money order is then transmitted to the money order system 100 (step 206). This request preferably includes the following information: the name and address of both the buyer and seller; identification of the goods to be purchased; the buyer's credit card information and any other miscellaneous information needed to complete the financial transaction between the buyer and seller (step 208). Alternatively, some, or all the later information may be automatically transmitted from the site from which the buyer accessed the money order system 100, if so programmed. For example, when the buyer receives the web page of the auction site 10 confirming the bid award, the buyer may click a hyper-link provided on this page which not only accesses the money order system site 100, but also automatically transmits all the information necessary to purchase a money order with perhaps the exception of the buyer's credit card information.
In yet another alternative embodiment of the invention, a user may establish an account with the money order system 100. In this embodiment, the user either credits or deposits a fund amount with the money order system 100, which is preferably stored in the database 110 of the money order system. Thus, when the user 14 desires to purchase a money order, the user need not to transmit any credit card information, but rather the funds needed for the user's desired money order is subtracted from the user's account preferably stored in database 100. This arrangement is particularly advantageous for user's who have no credit cards or desires to avoid their use.
Returning to the preferred embodiment, after the user 14 transmits the aforesaid necessary information to the money order system 100 (step 208), this information is received by the money order system server 102 (210) which then sends the information to a computer processor 106. The processor 106 extrapolates the credit card information from the buyer's information and preferably transmits it to the billing server 16. The billing server 16 processes this credit card information (step 212) so as to authorize the money order for the requested funds. The billing server 16 then communicates with the money order system 100 to provide authorization for the requested money order (step 214). Once the money order system 100 receives the aforesaid authorization from the billing server 102, processor 106 preferably instructs money order dispensing apparatus 108 to generate the requested money order (step 216). It is to be understood that the money order dispensing apparatus may be either automatic or manual. The money order, and any other pertinent information needed to ship the goods is sent to the buyer, preferably via the mail system (step 218).
The money order system 100 is also preferably configured to sent an e-mail message to both the buyer and seller notifying them that the money order has been ordered, authorized and sent to the seller (step 220). Thus, since this message is being sent by the secure third party of the money order system 100, the buyer can trust this information and go ahead and ship the goods to the buyer without yet receiving the money order. Thus, one advantage of the system of the present invention is clearly evident in that as soon as a buyer desires to purchase goods from a seller with a money order, the seller may immediately ship the goods to the buyer (upon the aforesaid notification from the money order system 100) without having to wait for the money order, which may typically take up to five (5) days if transmitted by regular mail.
The billing server 16 then transmits the funds to the money order system 100 that were debited from the buyer's credit card which were needed to generate the purchased money orders preferably through an Automated Clearing House (ACH) 20 (step 222). Of course the billing server may retain a portion of these funds for their credit card services.
In summary, a money order system providing the purchase of money orders via the internet has been described. Although the present invention has been described with emphasis on a particular embodiment, it should be understood that the figures are for illustration of the exemplary embodiment of the invention and should not be taken as limitations or thought to be the only means of carrying out the invention. Further, it is contemplated that many changes and modifications may be made to the invention without departing from the scope and spirit of the invention as disclosed.
Patent | Priority | Assignee | Title |
10262364, | Dec 14 2007 | CONSUMERINFO.COM, INC. | Card registry systems and methods |
10277659, | Nov 12 2012 | CONSUMERINFO.COM, INC. | Aggregating user web browsing data |
10325314, | Nov 15 2013 | CONSUMERINFO COM, INC | Payment reporting systems |
10366450, | Nov 30 2012 | CONSUMERINFO.COM, INC. | Credit data analysis |
10482532, | Apr 16 2014 | CONSUMERINFO.COM, INC. | Providing credit data in search results |
10614519, | Dec 14 2007 | CONSUMERINFO.COM, INC. | Card registry systems and methods |
10621657, | Nov 05 2008 | CONSUMERINFO.COM, INC. | Systems and methods of credit information reporting |
10628448, | Nov 20 2013 | CONSUMERINFO.COM, INC. | Systems and user interfaces for dynamic access of multiple remote databases and synchronization of data based on user rules |
10642999, | Sep 16 2011 | CONSUMERINFO.COM, INC. | Systems and methods of identity protection and management |
10671749, | Sep 05 2018 | CONSUMERINFO COM, INC | Authenticated access and aggregation database platform |
10685398, | Apr 23 2013 | CONSUMERINFO COM, INC | Presenting credit score information |
10798197, | Jul 08 2011 | CONSUMERINFO.COM, INC. | Lifescore |
10878499, | Dec 14 2007 | CONSUMERINFO.COM, INC. | Card registry systems and methods |
10880313, | Sep 05 2018 | CONSUMERINFO COM, INC | Database platform for realtime updating of user data from third party sources |
10929925, | Mar 14 2013 | Consumerlnfo.com, Inc. | System and methods for credit dispute processing, resolution, and reporting |
10963959, | Nov 30 2012 | Consumerinfo. com, Inc. | Presentation of credit score factors |
11012491, | Nov 12 2012 | ConsumerInfor.com, Inc. | Aggregating user web browsing data |
11087022, | Sep 16 2011 | CONSUMERINFO.COM, INC. | Systems and methods of identity protection and management |
11093623, | Dec 09 2011 | Sertainty Corporation | System and methods for using cipher objects to protect data |
11113759, | Mar 14 2013 | CONSUMERINFO.COM, INC. | Account vulnerability alerts |
11132742, | Nov 30 2012 | Consumerlnfo.com, Inc. | Credit score goals and alerts systems and methods |
11157872, | Jun 26 2008 | Experian Marketing Solutions, LLC | Systems and methods for providing an integrated identifier |
11200620, | Oct 13 2011 | CONSUMERINFO.COM, INC. | Debt services candidate locator |
11238656, | Feb 22 2019 | CONSUMERINFO COM, INC | System and method for an augmented reality experience via an artificial intelligence bot |
11265324, | Sep 05 2018 | CONSUMERINFO COM, INC | User permissions for access to secure data at third-party |
11308551, | Nov 30 2012 | CONSUMERINFO.COM, INC. | Credit data analysis |
11315179, | Nov 16 2018 | CONSUMERINFO COM, INC | Methods and apparatuses for customized card recommendations |
11356430, | May 07 2012 | CONSUMERINFO.COM, INC. | Storage and maintenance of personal data |
11379916, | Dec 14 2007 | CONSUMERINFO.COM, INC. | Card registry systems and methods |
11386409, | Mar 04 2016 | 1USF, INC | Systems and methods for media codecs and containers |
11399029, | Sep 05 2018 | CONSUMERINFO.COM, INC. | Database platform for realtime updating of user data from third party sources |
11461364, | Nov 20 2013 | CONSUMERINFO.COM, INC. | Systems and user interfaces for dynamic access of multiple remote databases and synchronization of data based on user rules |
11514519, | Mar 14 2013 | CONSUMERINFO.COM, INC. | System and methods for credit dispute processing, resolution, and reporting |
11651426, | Nov 30 2012 | Consumerlnfo.com, Inc. | Credit score goals and alerts systems and methods |
11665253, | Jul 08 2011 | CONSUMERINFO.COM, INC. | LifeScore |
11769112, | Jun 26 2008 | Experian Marketing Solutions, LLC | Systems and methods for providing an integrated identifier |
11769200, | Mar 14 2013 | CONSUMERINFO.COM, INC. | Account vulnerability alerts |
11790112, | Sep 16 2011 | CONSUMERINFO.COM, INC. | Systems and methods of identity protection and management |
11842454, | Feb 22 2019 | CONSUMERINFO.COM, INC. | System and method for an augmented reality experience via an artificial intelligence bot |
11863310, | Nov 12 2012 | CONSUMERINFO.COM, INC. | Aggregating user web browsing data |
11941065, | Sep 13 2019 | Experian Information Solutions, Inc | Single identifier platform for storing entity data |
12067617, | Dec 14 2007 | CONSUMERINFO.COM, INC. | Card registry systems and methods |
12072989, | Dec 09 2011 | Sertainty Corporation | System and methods for using cipher objects to protect data |
12074876, | Sep 05 2018 | CONSUMERINFO COM, INC ; CONSUMERINFO.COM, INC. | Authenticated access and aggregation database platform |
12169867, | Mar 14 2013 | CONSUMERINFO.COM, INC. | Account vulnerability alerts |
12182859, | Nov 16 2018 | CONSUMERINFO.COM, INC. | Methods and apparatuses for customized credit card recommendations |
7606355, | Apr 22 1998 | SertintyONE Corporation | Method and apparatus for ordering goods, services and content over an internetwork |
7606737, | Apr 22 1998 | SertintyONE Corporation | Method and apparatus for ordering goods, services and content over an internetwork |
7669762, | Apr 22 1998 | SertintyONE Corporation | Method and apparatus for ordering goods, services and content over an internetwork |
7792747, | May 10 1999 | The Western Union Company | Internet-based money order system |
7849015, | Sep 08 2000 | The United States Postal Service | Electronic postal money order method and system |
7853522, | May 10 1999 | First Data Corporation; The Western Union Company | Internet-based money order system |
7870068, | May 10 1999 | The Western Union Company | Internet-based money order system |
8005722, | Apr 22 1998 | SertintyONE Corporation | Method and apparatus for ordering goods, services and content over an internetwork |
8011574, | Apr 22 1998 | SertintyONE Corporation | Method and apparatus for ordering goods, services and content over an internetwork |
8015264, | Apr 22 1998 | SertintyONE Corporation | Method and apparatus for ordering goods, services and content over an internetwork |
8016190, | Apr 22 1998 | SertintyONE Corporation | Method and apparatus for ordering goods, services and content over an internetwork |
8160933, | Apr 30 2003 | Ebay Inc. | Method and system to automate payment for a commerce transaction |
8286861, | Oct 26 1999 | The Western Union Company | Cash payment for remote transactions |
8364556, | Apr 30 2003 | Ebay Inc. | Method and system to automate payment for a commerce transaction |
8458048, | Oct 08 1999 | Hinda, Inc. | Points redemption program carried out via an on-line auction |
8548907, | Jan 11 2011 | System for converting paper money orders to electronic money orders | |
8584934, | Oct 26 1999 | The Western Union Company | Cash payment for remote transactions |
9098849, | Oct 26 1999 | The Western Union Company | Cash payment for remote transactions |
ER4687, | |||
ER7771, | |||
ER7966, |
Patent | Priority | Assignee | Title |
4025905, | Nov 28 1975 | Incoterm Corporation | System for on-line processing of banking transactions |
5220501, | Dec 08 1989 | OFFICIAL PAYMENTS CORPORATION | Method and system for remote delivery of retail banking services |
5377271, | Oct 09 1992 | MONEYGRAM PAYMENT SYSTEMS, INC | Apparatus for dispensing money orders |
5897625, | May 30 1997 | CAPITAL SECURITY SYSTEMS, INC | Automated document cashing system |
5899980, | Aug 11 1997 | Trivnet Ltd. | Retail method over a wide area network |
5949044, | Jun 13 1997 | PayPal, Inc | Method and apparatus for funds and credit line transfers |
5993047, | Oct 02 1997 | John C., Novogrod | Apparatus and method for requesting and dispensing negotiable instruments |
6012045, | Jul 01 1997 | Computer-based electronic bid, auction and sale system, and a system to teach new/non-registered customers how bidding, auction purchasing works | |
6012048, | May 30 1997 | CAPITAL SECURITY SYSTEMS, INC | Automated banking system for dispensing money orders, wire transfer and bill payment |
6029150, | Oct 04 1996 | Certco, LLC | Payment and transactions in electronic commerce system |
6044363, | Sep 04 1996 | Hitachi, Ltd. | Automatic auction method |
6058379, | Jul 11 1997 | HANGER SOLUTIONS, LLC | Real-time network exchange with seller specified exchange parameters and interactive seller participation |
6058417, | Oct 23 1998 | eBay Inc | Information presentation and management in an online trading environment |
6064990, | Mar 31 1998 | PayPal, Inc | System for electronic notification of account activity |
6070798, | Feb 21 1997 | HANGER SOLUTIONS, LLC | Purchaser generated transaction recording and negotiable instrument payment system |
6073117, | Mar 18 1997 | Kabushiki Kaisha Toshiba | Mutual credit server apparatus and a distributed mutual credit system |
6078907, | Feb 18 1998 | GROUP 1 SOFTWARE, INC ; TRISENSE SOFTWARE, INC | Method and system for electronically presenting and paying bills |
6119106, | Nov 26 1997 | PayPal, Inc | Method and apparatus for facilitating customer payments to creditors from a remote site |
6141653, | Nov 16 1998 | WHITELIGHT TECHNOLOGY, LLC | System for interative, multivariate negotiations over a network |
6167386, | Jun 05 1998 | HANGER SOLUTIONS, LLC | Method for conducting an on-line bidding session with bid pooling |
6260024, | Dec 02 1998 | Red Hat, Inc | Method and apparatus for facilitating buyer-driven purchase orders on a commercial network system |
6267292, | Jun 13 1997 | PayPal, Inc | Method and apparatus for funds and credit line transfers |
6367693, | Oct 02 1997 | System and method for requesting and dispensing negotiable instruments | |
6609113, | May 03 1999 | CHASE MAHATTAN BANK, THE | Method and system for processing internet payments using the electronic funds transfer network |
WO34899, |
Executed on | Assignor | Assignee | Conveyance | Frame | Reel | Doc |
May 10 1999 | First Data Corporation | (assignment on the face of the patent) | / | |||
Jan 15 2001 | CHIN, STEPHEN | BIDPAY COM INC | ASSIGNMENT OF ASSIGNORS INTEREST SEE DOCUMENT FOR DETAILS | 011544 | /0981 | |
Oct 22 2004 | BIDPAY COM, INC | First Data Corporation | ASSIGNMENT OF ASSIGNORS INTEREST SEE DOCUMENT FOR DETAILS | 015343 | /0394 | |
Mar 03 2006 | BIDPAY COM, INC | Cybersource Corporation | STOCK PURCHASE AGREEMENT | 024369 | /0521 | |
Mar 06 2006 | First Data Corporation | BIDPAY COM, INC | ASSIGNMENT OF ASSIGNORS INTEREST SEE DOCUMENT FOR DETAILS | 018521 | /0211 |
Date | Maintenance Fee Events |
Feb 19 2010 | M1551: Payment of Maintenance Fee, 4th Year, Large Entity. |
Mar 05 2010 | R2551: Refund - Payment of Maintenance Fee, 4th Yr, Small Entity. |
Mar 05 2010 | STOL: Pat Hldr no Longer Claims Small Ent Stat |
Mar 19 2014 | M1552: Payment of Maintenance Fee, 8th Year, Large Entity. |
Feb 23 2018 | M1553: Payment of Maintenance Fee, 12th Year, Large Entity. |
Date | Maintenance Schedule |
Sep 19 2009 | 4 years fee payment window open |
Mar 19 2010 | 6 months grace period start (w surcharge) |
Sep 19 2010 | patent expiry (for year 4) |
Sep 19 2012 | 2 years to revive unintentionally abandoned end. (for year 4) |
Sep 19 2013 | 8 years fee payment window open |
Mar 19 2014 | 6 months grace period start (w surcharge) |
Sep 19 2014 | patent expiry (for year 8) |
Sep 19 2016 | 2 years to revive unintentionally abandoned end. (for year 8) |
Sep 19 2017 | 12 years fee payment window open |
Mar 19 2018 | 6 months grace period start (w surcharge) |
Sep 19 2018 | patent expiry (for year 12) |
Sep 19 2020 | 2 years to revive unintentionally abandoned end. (for year 12) |